Delhi And Mumbai Make It To The List Of Most Expensive Cities To Rent An Office In
Rent is such a scary word, isn’t it?
JLL (Jones Lang LaSelle), a firm that specializes in real estate and investment management made a report on the most expensive premium office rent. And turns out, two Indian cities are on the list!
The list has the world’s most expensive office locations, where technology-rich markets feature strongly, and cities that offer the best value globally attracting significant corporate interest, especially in talent hotspots.
They compared 54 major markets in 46 countries across the globe. The factors that are included are net effective rent, service charges and government tax on rent.
Disclaimer: the prices are per annum per square foot.
#1 Hong Kong, Central
Hong Kong is the most expensive city to rent an office in. The price per square foot per year is $323 i.e Rs 20,718.
“Most striking is the differential that has emerged between Hong Kong and the next most expensive cities, with costs for premium office space in excess of 50 per cent greater than either London’s West End or New York’s Midtown,” JLL India CEO and Country Head Ramesh Nair said.
#2 London, West End
The offices at London, West End cost $194 i.e Rs 12,444 per square foot per year. The additional costs are the most in London.
#3 New York, Midtown
The office rents at New York’s Midtown are the third most expensive in the world. It costs $193 per square foot per year i.e Rs 12,379.
#4 Beijing, Finance Street
An office space in Beijing costs $190 per square foot i.e Rs 12,187.
#5 Silicon Valley
The most recognized tech hub has offices at $158 per square foot i.e Rs 10,134.
India’s capital makes it to the 6th position by charging $147 per square foot which is Rs 9,429.
#7 Beijing, CBD
The Central Business District in Beijing costs around $143 per square foot i.e Rs 9,172.
Shenzhen located near Hong Kong, prices offices at per square foot is $140 i.e Rs 8,980.
#9 Tokyo, Marunouchi
$138 i.e Rs 8852 that’s how much it costs per square foot per year in Tokyo’s Marunouchi.
The price per square foot per year in Shanghai is $134 i.e Rs 8,594.
#11 Hong Kong, Island East
$116 i.e Rs 7439, that’s how much the cost of renting an office is in Hong Kong’s Island East.
#12 Tokyo, Shinjuku
We get it, Tokyo is expensive! The offices in Shinjuku costs $113 i.e Rs 7,247 per square foot per year.
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#13 San Francisco
Renting an office in San Francisco costs $111 i.e Rs 7,119 per square foot per year.
#14 London, City
An office space renting comes at $108 which comes up to Rs 6,926.
New York and London also offer substantial discounts of around 40%-50% from their Midtown and West End
cores to their most cost competitive financial districts.
#15 Shanghai, Puxi
An office space in Puxi, Shanghai costs $104 i.e Rs 6,670 per square foot per year.
Testament to the ongoing robust market fundamentals of Greater China, the region accounts for 5 of the
global top 10 most expensive office markets – Hong Kong Central, Beijing Finance St, Beijing CBD,
Shenzhen and Shanghai Pudong. Together with Delhi and Tokyo Marunouchi, Asia Pacific markets
make up 7 of the world’s 10 most expensive locations.
$100 i.e Rs 6,413 is how much the corporates pay up for rentals in Boston.
The city of dreams made it to the list! Companies pay $99 i.e Rs 6,340 per square foot per year for office spaces in the maximum city of India.
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